germany

Lehman Brothers' First Share Sells for $33,000

While creditors continue to fight over the nearly valueless crumbs of Lehman Brothers, one tiny piece of the investment bank just demonstrated close to a 66,000% return on investment -- as a collectors item: A 50-cent share in the bank was sold at auction Saturday for 24,000 euros -- about $33,000.

Despite a Profit Blip, Ford's Strong Recovery Continues

Are things really that bad at Ford? You'd think so after its third-quarter earnings report drove its share price down sharply. But despite the tough economic conditions Ford faces, the larger story is that the automaker has become very strong, thanks to its focus on a surprisingly simple plan.

Eastern Europe Gets All Shook Up Over '50s-Style Diners

The world's fourth Elvis-themed restaurant is scheduled to open in a mall in Georgia this year. But not in the Peach State in the heart of the Dixie -- the Elvis American Diner is in the Republic of Georgia. Seems that in the former Soviet Union, the King and 1950s Americana are considered pretty nifty.

World's Millionaires Increased By 8.3% in 2010

Millionaires are back. The number of individuals worldwide with $1 million or more in assets aside from their residence grew by 8.3% to 10.9 million in 2010, topping pre-crisis 2007 levels, according to the World Wealth Report released Wednesday.

The U.S. Is Still Tops for Millionaires

When it comes to its population of millionaires, the U.S. still leads the world, but other countries have gained recently, The Boston Consulting Group reports. In particular, the report found a stagnation of wealth growth in developed nations, but rapid wealth growth in the developing world.

Austerity Means a Cloudier Forecast for LDK Solar

LDK Solar has long depended on demand driven by government subsidies from countries such as Germany, Spain and Italy, which makes it vulnerable in this period of European austerity. Trefis has revised its estimates for LDK Solar down -- but still meaningfully above the market price.

Why the European Debt Crisis Is Far From Over

The European debt crisis is back: Portugal is in political turmoil, and may need a major bailout, and Spain may too. But the E.U.'s strong healthy are rebelling against propping up their weaker neighbors. The real issue, though, is that the E.U. hasn't yet addressed the fundamental flaw built into it at the euro's creation.

Japan's Nuke Crisis Revives Call for Safer Reactors

As people in Japan's earthquake-tsunami disaster zone deal with the additional danger of radiation from damaged nuclear reactors, nations across the globe are taking the crisis as a sign that it's time to get more aggressive in their development of safer nuclear power plants.

U.S. National Debt Is Huge, but It's Not a Catastrophe

True, the U.S. national debt is large and it should be reduced at some point, but does a large national debt doom a nation to economic ruin? Only if you believe that nations like Germany, France, and Japan are economic basket cases too.

What Does Chinese Inflation Mean for Americans?

China's economy is clearly in the midst of an inflationary pop. And most American consumers might think that will translate directly to the prices we pay here. But once you put U.S.-China trade in a larger context, it becomes clear that this less likely to be the case.

Investigators Expand Probe into Hewlett-Packard

Hewlett-Packard (HPQ) said that prosecutors investigating charges of bribery in Russia have expanded the probe to other regions. The Justice Department and SEC are examining if HP engaged in illegal activities related to deals in Russia, Serbia and the Commonwealth of Independent States, Bloomberg News reported. The deals date back to 2000.

Volkswagen Unveils $71 Billion Investment Plan

Volkswagen (VLKAY), Europe%u2019s top carmaker, plans to invest 51.6 billion euros ($71 billion) over the next five years. The company%u2019s supervisory board approved the investments in plants, vehicles and development for the nine Volkswagen brands, Bloomberg News reported.

Ford to Make 500 Temp Jobs Permanent at German Plant

Ford said Friday it plans to offer permanent positions to 500 temporary workers at a plant in Saarlouis, Germany, that will build the next-generation Focus compact car, which begins production next month. The plant will be the only supplier of the new Focus model to Western Europe.

Eurozone Growth Slows as Austerity Takes Its Toll

Economic growth in the eurozone slowed sharply in the third quarter as austerity measures aimed at cutting budget deficits dented the Continent's recovery. Meanwhile, a growing divergence in the economic performance of EU nations is likely to make it tough for the European Central Bank to set its monetary policy.

G-20 Leaders Criticize Fed's $600 Billion QE2 Stimulus

The U.S. finds itself on the wrong side of the currency manipulation argument this week, as many G20 countries criticize the Fed's $600 billion bond buying plan, which could further devalue the dollar. World leaders say the move breaks the vow of unity made during the last G-20 summit.

Goldman Sachs Defends Bernanke's Plan to Buy Assets

Goldman Sachs (GS) economists defended Federal Reserve Chairman Ben Bernanke%u2019s decision to pump billions of dollars into the economy, saying the move will boost economic growth. The Fed%u2019s plan to buy $600 billion of assets will improve growth and reduce the risk of deflation, economist Jan Hatzius wrote in an e-mail to clients, Bloomberg News said.

The Ugly Truth About Unemployment

Voters angry about stubbornly high unemployment played a major role in this week's elections. Regardless of the rhetoric, though, American politicians and corporate leaders need to make major changes to bring the employment crisis to an end.

To Topple Toyota, Volkswagen Must Accelerate in the U.S.

VW has set a hefty goal for itself: to displace Toyota as the world's No. 1 car company. The German automaker is actually within reach, thanks mainly to its huge lead in China. To overtake Toyota, however, VW will need to really ramp up sales in the American market.

Volkswagen on Track to Overtake Toyota, CEO Says

Volkswagen (VLKAY) CEO Martin Winterkorn said the company is on track to overtake Toyota Motor Corp. (TM) as the world%u2019s largest automaker. The German company beat Toyota%u2019s full-year profit goal in the first nine months.

Legal Problems May Delay Volkswagen's Merger With Porsche

Legal wrangling may delay Volkswagen%u2019s (VLKAY) merger with Porsche, Volkswagen CEO Martin Winterkorn said. Volkswagen planned to complete a merger with Porsche in 2011. Porsche originally planned to buy Volkswagen by securing stock options, only to see its debt levels surge.

Luxury Carmakers Predict Strong Fourth Quarter

Luxury carmakers BMW and Mercedes-Benz forecast vigorous fourth quarter sales on growing demand from China. BMW said it expects a "double-digit" percentage rise in fourth quarter deliveries, Bloomberg News said. Mercedes said it was "very confident" about continuing growth in the final three months of 2010.

OECD Raises Second Quarter Growth Estimate

The Organization for Economic Cooperation and Development upped its estimate for second quarter economic growth among its 33 member nations on signs that investment rose. Gross domestic products in OECD countries increased by an average of 0.9% in the three months through June, the organization said, according to Bloomberg News. The OECD previously estimated second quarter growth of 0.7%.

Goldman Sued by German Bank Over Mortgage-Backed Securities

Goldman Sachs Group (GS) was sued by German bank Landesbank Baden-Wuerttemberg for allegedly mis-representing the credit quality of its mortgage-backed securities. The German bank ended up posting a $37 million loss on the investment.

Daimler Denies Offer for Fiat Industrial Unit

Daimler AG (DDAIF) denied that is in talks with Fiat SpA (FIATY) about taking over the Italian carmaker%u2019s industrial operations. "There are no talks on this with Fiat," Daimler spokesman Florian Martens told Bloomberg News. "In our industry at this time, everyone is talking with everyone and so are we."

Google's Street View Banned in Czech Republic

Google's controversial Street View service, which has raised privacy concerns in countries around the world, got the heave-ho from the Czech Republic Tuesday after failing to file for the proper registration to operate in that country.

European Commission Raises Economic Growth Forecasts

The European Commission upped its forecast for economic growth in the European Union and the 16-member euro zone in 2010, based on strong growth in industrial exports. The commission said that the 27-member EU would probably grow by 1.8% in 2010, compared with an earlier forecast of 0.9%, The Wall Street Journal reported. The commission forecast growth of 1.7% for the euro zone, compared with an earlier forecast of 0.9%.

Deutsche Bank Plans $11.5 Billion Share Sale

Deutsche Bank (DB), Germany%u2019s largest lender, is to announce a share sale worth as much as 9 billion euros ($11.5 billion) as it prepares for tighter regulations and aims to purchase a larger stake in Postbank. The plan may be announced early next week, The New York Times reported without naming its sources. Also next week, the Basel Committee on Banking Supervision may decide that banks should hold bigger capital reserves.

German Exports Declined in July

German exports fell in July, suggesting that Europe%u2019s largest economy may be slowing after record growth in the second quarter. Exports, adjusted for working days and seasonal changes, fell 1.5% from June, Bloomberg News reported. A survey of economists by Bloomberg News had forecast unchanged exports.